Keller Corporation (the lessee) entered into a general equipment lease wath Dallo Company (the lessor) on January 1 of Year 1 . The following information pertains to this lease agreement 1. The equiment reverts back to the lessor at the end of the lease, and there is no bargain purchase option. 2. The lease term is 8 years and requires annual payments of $10,000 at the beginning of each year. 3. The fair value of the equipment at lease inception is $100,000. Assume that the present value of lease payments discounted at a 10\% interest rate is $59,684,19 4. The equipment has an estimated economic life of 20 yoars and has zero residual value at the end of this time. Aequired: Propare the joumal entry that Kenler Corporation would make curing the first year of the lease assuming that the lease is classified as an operating lease. GENERAL JOURNAL Keller Corporation (the lessee) entered into a general equipment lease wath Dallo Company (the lessor) on January 1 of Year 1 . The following information pertains to this lease agreement 1. The equiment reverts back to the lessor at the end of the lease, and there is no bargain purchase option. 2. The lease term is 8 years and requires annual payments of $10,000 at the beginning of each year. 3. The fair value of the equipment at lease inception is $100,000. Assume that the present value of lease payments discounted at a 10\% interest rate is $59,684,19 4. The equipment has an estimated economic life of 20 yoars and has zero residual value at the end of this time. Aequired: Propare the joumal entry that Kenler Corporation would make curing the first year of the lease assuming that the lease is classified as an operating lease. GENERAL JOURNAL